Oilman Nelson Bunker Hunt Dies at 88

Markets Associated Press

Nelson Bunker Hunt, a Texas oilman who once tried to corner the silver market with his brothers only to see the move end in financial disaster, has died.

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His brother, W. Herbert Hunt, said he died Tuesday at a Dallas assisted-living center after a long battle with Alzheimer's disease. He was 88.

Hunt was among the world's wealthiest men. His father was legendary Texas oilman H.L. Hunt.

He built on his father's oil and gas holdings, finding a rich Libyan oil field only to have it nationalized later by Moammar Gadhafi. He owned millions of acres of farm and ranch land in Australia, race horses and an ancient coin collection.

But a huge, soured bet on the silver market by Hunt and his brothers led to legal problems and bankruptcy.